Mumbai: Today, many corporate houses have aligned themselves with the ever-changing digital space. While some sectors like banking are in advance level (in case of implementation and investments), there are some sectors like insurance that still need to catch up.“Insurance industry is still rudimentary and we still need to progress and move faster than other industries,” stated Sachin Seth, partner of EY, at India Summit and Awards 2019. He said this while moderating a session on adopting digital platforms.Commenting on the challenges of adopting digital technology, Arif Syed, SVP Technology (CTO), Bharti AXA General Insurance stated the cost incurred in adopting digital is of concern for the sector. Adding to it, Dr S Prakash, COO, Star Health and Allied Insurance, said, “There is a great development in the health insurance sector (in terms of technology) but it is not profitable.” While healthcare has advanced in terms of technology, health insurance has to explore this space further.
Praising web aggregators, Vikram Arora, Head-Digital Experience and Innovation, Bajaj Alliance Life Insurance stated today digital platforms are educating the consumers which has helped in increasing awareness. Adding to it, Abhishek Gupta, CMO, Edelweiss Tokio Life Insurance said, “The last decade have been a game changer in the insurance sector as they strongly focus on consumer satisfaction and building trust.”Yet another panelist at the discussion, Sonia Notani, CMO, IndiaFirst Life Insurance claimed digital has been heavily popularised in the last 10 years. She added insurance sector must utilise the opportunities that are available.
